The announcement marks the latest milestone for the “Silsal” project. Most noteworthy, it is the first blockchain-based solution developed locally. Certainly, this innovative solution provides a seamless and secure link between stakeholders using the electronic ledger system.
So, the pilot project will test the capabilities of the technology to exchange, identify and acknowledge cargo documents and certificates between Abu Dhabi Ports and the Port of Antwerp.
Open digital ledger
Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, said: “This is an important moment for us as we prepare to implement the first applied blockchain solution of its kind between Abu Dhabi and the world.”
Dr Noura Al Dhaheri, CEO of Maqta Gateway, said: “We realized early on that blockchain technology can provide the very things necessary for reliability and integrity in the increasingly complex global supply chain.”
Blockchain is an open digital ledger. Most importantly, it can record and extract transaction details with greater security, transparency and efficiency.
The Silsal project was first unveiled in June 2018. Initially, It is offered to freight forwarders and their customers. Subsequently it will be offered to the rest of the trade community. It will be as a complementary tool to Maqta Port Community System.
Blockchain can boost trade by US$1 trillion
Research revealed that blockchain could boost trade by more than US$1 trillion in the next 10 years. This is according to a white paper published by World Economic Forum in collaboration with Bain & Company. It is titled “Trade Tech – A New Age for Trade and Supply Chain Finance”.
Importantly, the report reveals that by dismantling financing barriers for SMEs and emerging markets, distributed ledger technology could facilitate up to $1.1 trillion of new trade volume. Certainly, this will significantly plug the global trade financing gap.
Also, in September, Maqta Gateway signed a MoU with Abu Dhabi Global Market, the International Financial Centre in Abu Dhabi. Hence, they will collaborate on innovation projects, technologies and knowledge transfer.
Furthermore, as part of the partnership, both entities will exchange expertise and partner for joint innovation projects. Moreover, they will develop and apply technologies in the following areas. Digital and mobile payments, blockchain and distributed ledgers, and flexible platforms.